It is virtually impossible to determine the number of coins in so-called cold storage facilities with sufficient accuracy.
– this was stated by the head of the marketing department of the analytical platform Santiment, Brian Quinlivan.
The situation is also complicated by the fact that recently the outflow of coins from exchanges has significantly increased against the backdrop of numerous negative news.
According to sources from Cointelegraph, the amount of bitcoin on exchanges has now fallen to its lowest since February 2018. In recent months, the outflow of coins from trading platforms has intensified due to serious pressure from US regulators on exchanges. However, last week, the US Securities and Exchange Commission (SEC) filed lawsuits against Binance and Coinbase.
According to Quinlivan, the move of #Bitcoin to cold wallets has a huge impact on the entire market. For example, the mass transfer of coins reduces the industry capitalization indicator according to platforms like CoinMarketCap or CoinGecko.
It should be noted that the above-mentioned platforms take into account all bitcoins in circulation, even those that have been lost for a long time. For example, as of today, the CoinGecko platform estimates the BTC supply at 19.4 million coins.